Browsing by Author "Speian, Olesea"

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    Access to finance by Moldovan small and medium enterprises: main obstacles and solutions
    ("Independenţa Economică", 2022) Gutium, Tatiana; Speian, Olesea
    The small and medium-sized enterprise sector is one of the main elements of the modern national economy and is the guarantor of the existence of competition. It contributes to increasing the percentage of the middle class and the creation of new jobs in the state. Finance plays a crucial role in the activities of small and medium-sized enterprises. One of the main obstacles to the development of SMEs in the Republic of Moldova is limited access to finance. The article presents the results of the analysis of the evolution of the main indicators of business activity of enterprises. The object of this study is to describe the experience of Moldovan small and medium-sized enterprises in accessing finance, highlighting the main obstacles. Using the software package EViews 9, an econometric model was developed for the dependence of the total credits given to the small and medium-sized enterprises on the follow factors: Consumer Price Index, base rate, non-performing credits and the volume of redemption government securities. Based on the results of the study, measures have been developed to improve access to finance for small and medium-sized enterprises in Moldova.
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    The impact of inflation on financial activity: the experience of small and medium-sized enterprises
    (Performantica, 2022) Gutium, Tatiana; Speian, Olesea
    It is not easy for a business to deal with the post-pandemic consequences, the economic recession, and the world energy crisis. Globally, the inflation rate is increasing. More than 60 central banks have raised the base rate in 2022. Despite promoting anti-inflationary policies, the expected results have not been achieved. The price increase affected the economic activity of SMEs, whose finances are more vulnerable than those of large enterprises. Initially, inflation positively influences the volume of loans because the borrower will return less real money according to their purchasing power. In addition, it increases the demand for loans. In such situations, commercial banks increase the interest rate on loans, and the Central (National) Bank uses different instruments of anti-inflationary policy. For example, it increases the reserve requirement ratio. The realization of these decisions leads to a reduction in the volume of new credits granted. The purpose of the study is to estimate how inflation influences the volume of loans in total in Moldova. The result showed that the total impact of inflation on the credits granted is negative. In the end, the debtor is the loser. The research object is relevant not only for the Republic of Moldova, which recorded the highest inflation rate among the countries of the European continent but also for other countries of the world.
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    Noi criterii în tipologia valorilor mobiliare
    (Artifex, 2021) Speian, Olesea
    Governments throughout development history have always faced with the need to finance the budget deficit or different financial projects. Each country tends to obtain financial sources at minimum costs. Several developing and emerging countries have adopted aggressive policies aimed at replacing external public debt with domestic debt by issuing government securities. Starting from the role and importance of government securities, it is necessary to issue such debt securities, in order to correspond to the needs of both the issuer and the investor, but last but not least with the purpose of using the accumulated funds. The object of research is the characteristics of government securities. The purpose of this paper is to research and analyse the complex typology of debt securities in order to revise it by omitting the inefficient and introducing those that have a major importance in the economic development of the state. The research methods used are based on deduction analysis and synthesis, as well as the comparison method. The results obtained show the importance of issuance a new type of debt securities, which correspond with the current needs, in order to achieve the intended purpose.
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    Rolul și funcţiile infrastructurii pieţei valorilor mobiliare de stat: cazul Republicii Moldova
    (CEP USM, 2022) Speian, Olesea
    The financial market infrastructure plays a key role in the functionality of the economy, maintaining financial stability and improving the monetary transmission mechanism, contributing to the promotion of economic growth. The infrastructure takes over some of the risks of market participants, whence it results in the need for its proper functioning. In this context, there is a lot of controversy about the optimal infrastructure of the securities market. This paper aims to review the most efficient financial market infrastructure. Market participants are aware that the way that the market works influences their expectations and safety. Also, there is growing anxiety about the presence of conflicts of interest in the market infra- structure, where the government must implement mechanisms to minimize such conflicts. That is why, globally, several models of the infrastructure of the securities market are implemented, which are meant to control the market activity. The same is highlights the new infrastructure that has appeared as a consequence of the development of financial technologies. The article emphasizes the role of each player in the financial infrastructure. Changes in financial infrastructure and regulation are necessary to support welfare-improving financial innovation and government policies have to ensure proper operation of the market infrastructure.